HONG KONG (Reuters) – China’s Dalian Wanda Commercial Management, a unit of China’s largest commercial real estate developer Dalian Wanda Group, has made a $400 million bond repayment, financial information provider REDD reported on Saturday.
Ratings agencies Moody’s and S&P both raised concerns in recent days about the property company’s ability to meet the debt repayment deadline.
Wanda did not immediately reply to a request for comment.
Wanda Commercial, which has been under spotlight over its debt woes, has around 6.7 billion yuan ($932.36 million) of onshore bonds maturing and puttable through June 2024, according to Moody’s, and $1 billion of offshore bonds coming due in the period.
Its next deadline will be a 3.5 billion yuan onshore bond due on July 29. The next debt maturity offshore is in January 2024 for a $600 million bond.
Its debt pile is small compared to other Chinese residential property developers, many of which have defaulted since mid-2021 amid a debt crisis.
($1 = 7.1861 Chinese yuan renminbi)
(Reporting by Xie Yu; Editing by Mike Harrison)
